WESTERLY – Washington Trust Bancorp Inc. is buying back up to 5% shares under a stock repurchase program adopted by the corporation’s board of directors, according to a Nov. 12 announcement.
The decision authorizes the parent company for Westerly-based The Washington Trust Co. to buy back up to 850,000 of its 17.3 million shares of common stock, according to a news release. The timing and actual number of shares repurchased depends on price, corporate and regulatory requirements, market conditions and other factors.
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The repurchase program is set to expire on Dec. 31, 2022, although it may be modified, suspended or discontinued before then.
The decision comes amid a reported surge in stock buybacks among S&P 500 companies, which are projected to reach or surpass the prior quarterly record of $223 billion, which was from 2018, according to S&P Dow Jones Indices.
Buybacks have been steadily climbing since the third quarter of 2020, after dramatically dropping during the onset of the COVID-19 pandemic.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
